Above is a Bitcoin chart using Renko blocks. This is a very different chart to Japanese candlesticks. Instead to be a timely-based chart, Renko charts are forming with blocks with the size we define. We can set block size to $100 or any other value. By default I'm using ATR 14 periods for each block size. Currently ATR(14) is $326.8 ...This is the average range the price moves either up or down each day. Meaning, a new block is generated when price moves $326.8 up or down.
Renko charts are useful to see a trend continuation and to detect strong support or resistance lines. I draw some lines in the chart below showing supports and resistance from previous prices.
This chart includes part of 2017, the whole 2018 and 2019 and the current 2020 movements. Pay attention to the big resistance in 94XX and strong support in 68XX.
Consider these values and make your movements accordingly.
Renko charts are useful to see a trend continuation and to detect strong support or resistance lines. I draw some lines in the chart below showing supports and resistance from previous prices.
This chart includes part of 2017, the whole 2018 and 2019 and the current 2020 movements. Pay attention to the big resistance in 94XX and strong support in 68XX.
Consider these values and make your movements accordingly.